Spire Global: A High-Growth Space Data Platform At An Inflection Point

Spire Global delivered strong 4Q25 results, with underlying revenue up 44% year-over-year after adjusting for the maritime divestiture. SPIR is pivoting toward high-growth, high-margin government and climate intelligence verticals, driving improved gross margins (43%) and a strengthened balance sheet with $81.8M cash and no debt. Management guides for 50%+ non-maritime revenue growth in FY26, with RF geolocation and defense contracts as primary growth engines, but acknowledges significant execution risk.